In addition, Black was convicted on one count of obstructing justice, after being recorded on tape removing documents from his office in Toronto after US regulators had informed him he was under investigation.

In interviews before sentencing Black had shown little remorse, but in court he told the judge that he wanted to "express very profound regret and sadness" to Hollinger shareholders.

Under Black's leadership, Hollinger acquired the Daily Telegraph in London, the Chicago Sun-Times and the Jerusalem Post.

If the judge had accepted more of the prosecution's assertions about the size of the fraud and Black's role in it then he could have faced as many as 35 years in prison.